Market Report - What Sold in 2013 on Madeline Island (and What Didn't)
Our Year end Market Report for 2013 real estate sales on Madeline Island is good news for almost anyone planning to sell a home in the 54850 zip code area. Here are some of the highlights:
- Buyers had plenty to choose from in 2013, with burgeoning property inventories available. If buyers couldn't find something on the market that suited their needs, they probably weren't looking all that closely.
- Sales were up in all price ranges, with sold properties ranging from the mid-$100,000 bracket to nearly $800,000. Probably the most telling statistic is the fact that the market for mid-priced homes rebounded strongly.
- Cash sales accounted for a majority of closed transactions, but financed transactions also staged a comeback this year.
Waterfront homes were a big winner in 2013, with the vast majority of closings involving homes and cottages having Lake Superior frontage. But affordable homes priced below $300,000 also did well.
The average sold price for Madeline Island homes in 2013 was approximately 95 per cent of the listing price.
Upper bracket home sales were robust this past year, with the sale of celebrated estates like Woods Manor (933 Nebraska Row), among others.
Chequamegon Bay area mortgage lenders may be finally running out of excuses when it comes to offering home financing on Madeline Island. We have a wide range of comparable sales which any lender might use to support an appraisal. Thanks to these comparable sales, especially during the past four months, homeowners will find it much easier to obtain an appraisal of their Madeline Island dwelling.
If there's a less than silvery lining to the real estate market situation on Madeline Island, it would be that what sold in 2013 was the best-priced properties, in the best condition. Buyers are still seeking value and for the most part, they aren't interested in buying a remodeling project.
Given the state of our Madeline Island real estate market at the close of 2013, sellers and buyers have reason to be optimistic. Our real estate market is clearly in a better state of health today than it has been since the end of 2006.